Mitt Romney's son Tagg gives an interview during the final day of the 2012 convention.

Mitt Romney's son Josh listens to his dad speak at a rally in Des Moines, Iowa, in 2007.

Mitt Romney's son Craig waves to the crowd at the 2012 convention.

Mitt Romney's brother Scott cheers during the roll call for nomination of the Republican presidential candidate at the 2012 Republican National Convention.

Ann Romney responds to cheering supporters with her grandson Miles Romney and his mom, Mary Romney, in 2012.

Mitt Romney gets a hug from his grandson Nash as, left to right, son Josh and grandchildren Owen, Grace and Wyatt look on at a campaign rally in 2012.

Mitt Romney plays with his son Josh's five children aboard his campaign plane in 2012.

Mitt and Ann Romney sit backstage with members of their family before the final presidential debate in 2012.

Mitt Romney holds his grandson Miles Romney at the conclusion of the final debate in 2012.

Ann Romney sits in the VIP box with her granddaughter Chloe Romney during the 2012 convention.

Mitt and Ann Romney after a town hall-style presidential debate in 2012.

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STORY HIGHLIGHTS

Mitt Romney's former advisers are denying rumors that he might run for presidency in 2016

Julian Zelizer: If Romney does decide to run, he may end up at the top of the GOP ticket

He says each of the current presidential contenders in the GOP is flawed

Zelizer: Romney's stance on issues appeals to Republicans, and he's great at fund-raising

Editor's note:Julian Zelizer is a professor of history and public affairs at Princeton University. He is the author of the forthcoming book, "The Fierce Urgency of Now: Lyndon Johnson, Congress and the Battle for the Great Society." The opinions expressed in this commentary are solely those of the author.

(CNN) -- The Christian Science Monitor recently reported that Mitt Romney's former political advisers are adamantly denying rumors that their boss might run for the presidency in 2016. "I take Mitt at his absolute word," said Ron Kaufman. "He's not running."

Whether or not Romney wants to run, or if his family is comfortable with his doing so, will be up to them.

But should he decide to put his hat in the ring, it's not crazy to think that Romney would be able to end up at the top of the Republican ticket in 2016.

Julian Zelizer

Most pundits believed that his political career had come to an end following his loss to President Obama in 2012. But a sympathetic portrayal in a Netflix documentary, entitled "Mitt," combined with his fund-raising for midterm candidates in the 2014 elections, has generated considerable buzz.

The odds are obviously not great. Republicans would naturally be jittery about selecting a candidate who couldn't make it through the primaries in 2008 and then crashed and burned against Obama. While many Republicans were sure that Obama should be a one-term president -- another Jimmy Carter, in their minds -- the Democrats devastated Romney as a candidate who only cared about the rich and who had no inner core.

So how could someone recover from this kind of loss? How could Romney end up as the next Republican nominee?

Former Florida Gov. Jeb Bush has said his decision to run for the Republican nomination will be based on two things -- his family and whether he can lift America's spirit. His father and brother formerly served as President.

Gov. Scott Walker of Wisconsin, recently re-elected to a second term, is considered a possible Republican candidate.

Republican Texas Gov. Rick Perry announced in 2013 that he would not be seeking re-election, leading to speculation he might mount a second White House bid.

Mitt Romney probably won't be running for president again in 2016. He has suggested the chances of a third run are close to a million to one. But that hasn't kept some Republicans from encouraging him to enter the race if another legitimate candidate doesn't step up. Ann Romney, for her part, is not excited at the prospect. She told the LA Times Oct. 14th that she and her husband are "done done done" with running for office. Romney is still a draw on the campaign circuit. He is shown here stumping for senate candidate Joni Ernst in Iowa Oct. 11, 2014. (Photo by David Greedy/Getty Images)

Hillary Clinton continues to have an overwhelming lead over other possible 2016 Democratic presidential candidates. Although the former first lady and secretary of state has not said whether she'll run, a group of PACs and advocacy organizations have begun the process of raising money and aiding a hypothetical campaign.

Vice President Joe Biden has twice before made unsuccessful bids for the Oval Office -- in 1988 and 2008. A former senator known for his foreign policy and national security expertise, Biden made the rounds on the morning shows recently and said he thinks he'd "make a good President."

Sen. Marco Rubio, a Republican rising star from Florida, was swept into office in 2010 on the back of tea party fervor. But his support of comprehensive immigration reform, which passed the Senate but has stalled in the House, has led some in his party to sour on his prospects.

New Jersey Gov. Chris Christie has fallen out of the top spot among potential Republican presidential candidates with a political scandal roiling his administration.

Rep. Paul Ryan, a former 2012 vice presidential candidate and fiscally conservative budget hawk, says he's "keeping my options open" for a possible presidential run but is not focused on it.

Sen. Rand Paul has said that he was seriously considering a run for president in 2016. If the tea party favorite decides to jump in, he likely will have to address previous controversies that include comments on civil rights, a plagiarism allegation, and his assertion the top NSA official lied to Congress about surveillance.

Texas Sen. Ted Cruz plans to travel to states that factor into the early nomination process. The first-term Republican and tea party darling is considered a gifted orator and smart politician. He is best known in the Senate for his marathon filibuster over defunding Obamacare.

Maryland Democratic Gov. Martin O'Malley released a "buzzy" political video in November 2013 in tandem with visits to New Hampshire. He also headlined a Democratic Party event in South Carolina, which holds the first southern primary.

Louisiana Gov. Bobby Jindal said recently it's too early to announce whether he'll run. Jindal has said he wants to focus on "winning the war of ideas" before making a decision on his presidential ambitions.

Former Pennsylvania Sen. Rick Santorum, a social conservative, gave Mitt Romney his toughest challenge in the nomination fight last time out and has made trips recently to early voting states, including Iowa and South Carolina.

Political observers expect New York Gov. Andrew Cuomo to yield to Hillary Clinton should she run in 2016, fearing there wouldn't be room in the race for two Democrats from the Empire State. Should she not jump in, Cuomo would then be a potential candidate.

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Potential 2016 presidential candidates

Romney backers tease '16 interest

Mitt Romney says 'no' to 2016

If he were interested in running, Romney could take some comfort from the fact that some political losers have been able to rebuild themselves. Richard Nixon seemed like he would vanish into political thin air after losing to John F. Kennedy in the 1960 presidential election and then losing to Pat Brown in the California gubernatorial election in 1962.

"You won't have Nixon to kick around anymore," he said after losing. That turned out to be incorrect, not because Nixon vanished from politics but because he came back stronger than ever in 1968. After building his reputation as a statesman and playing a key role in helping Republicans in the 1966 midterm campaign, Nixon defeated Hubert Humphrey to become president in 1968.

Ronald Reagan, after coming close to defeating President Gerald Ford in the 1976 Republican primaries, spent the next four years expanding his audience and refining his message through his weekly radio shows. He became the front-runner in 1980 and beat Carter to become president.

Like Nixon in 1966, Romney has been proving his worth on the campaign trail in 2014. He is the "man in demand." Romney "is the most prominent and engaged elder statesman the GOP has on the national stage right now," one Republican consultant told CNN, watching how the former presidential candidate has been a star at fund-raising events.

While a number of figures in the Republican Party are clearly preparing to jump into the presidential race, each of them is flawed. Sen. Rand Paul of Kentucky espouses a kind of libertarianism that doesn't sit well with most of the party. New Jersey Gov. Chris Christie might rebuild his career, but "bridgegate" has greatly tarnished his reputation. Wisconsin Republican Scott Walker has a scandal of his own. Sen. Marco Rubio of Florida is untested on the national stage and will try to run as the "immigrant" candidate in a party that has stood by a very hardline position on immigration. Former Florida Gov. Jeb Bush has to contend with the Bush name in an electorate that still harbors negative feelings about his brother's time in the White House. Rep. Paul Ryan of Wisconsin, who is becoming the most plausible candidate, is too closely associated with the right wing of his party and comes from a caucus of House Republicans who rank incredibly low in the polls.

Despite all the animosity that emerged toward Romney's wealth and his record on economic issues, the fact is that Romney's preference for strong deregulatory and regressive policies fits very comfortably with the major thrust of the party. Since Reagan's presidency in the 1980s, the heart of GOP policies has not been about social and cultural issues, but rather about aiming to weaken the regulatory arm of the government over the economy. On these issues, Romney has impeccable credentials. As a result, Romney will still hold considerable appeal among major donors and conservative activists, like the Koch brothers, as the candidate who will aggressively pursue their core agenda. The money and endorsements can go a long way.

It is not that difficult to see how the nation might witness a presidential campaign in 2016 that includes Mitt Romney. Whether he would be able to take on Hillary Clinton or some of the other potential Democratic nominees remains unclear. But speculation that he might end up as the person the GOP turns to is not that out of the bounds of reason.